Launching a startup is one thing, but you’ll also have to sustain your business’s growth in order to stay competitive. It’s a fact that running a business becomes increasingly complex as your client base grows, and your inventory of products and services expands.
On that note, you can bet that there will be threats that could hinder your business from maintaining its momentum. The only way you can handle these threats is to adapt to the situation and change your approach to managing your business. After all, you will need to frequently adapt your mindset as your company matures.
Here are a few tips that should help you sustain your business as it grows out of its startup phase.
1. Run a SWOT Analysis
Business managers already know what SWOT analysis means, but are they implementing it properly? As you figure out the strengths, weakness, opportunities and threats that could impact your business, you will need to nail down specifics. It doesn’t help to only make general observations. You need concrete details you can actually use in the long run.
For instance, say you find out that your business website isn’t getting enough conversions. This weakness can tell you that your business is suffering from lackluster sales but it doesn’t tell you the reason behind this weakness. For instance, it could be weak or inconsistent content you publish that’s the real problem. By coming up with specific observations, it will be easier for you to draft out a long-term plan for driving business growth.
2. Build a legal team
In the initial phases of building your startup, the legal aspects of the business should be the least of your worries. However, as your client base and income grow, government agencies will keep a closer eye on you. It will come to a point when you have to open up your business to investors and, as a result, abide by federal and state securities and exchange rules as well as commercial taxation laws.
Setting up everything you need to change the status of your business is hard enough, but with the right legal representation, you can easily prepare the documents you need to comply with these regulations and allow for a smooth transition to a more corporate setup. When it comes to corporate governance, you can get top-notch lawyers to help you with drafting your bylaws and articles of incorporation. For a better understanding of corporate law, you will have to find a firm that’s experienced along these lines.
3. Deal with employee attrition
As your company continues to grow, employees will decide to leave midway. This puts you in a tough situation to find replacements to ensure continuity. For this, you will have to build an effective hiring campaign that should help you seek out the skills and experience you need to sustain quality. Aside from hiring new talent, you should also focus on employee engagement activities that nurture the professional growth of your workforce and prevent high-value employees from leaving.
Growing a startup is never easy. However, in order to be successful in today’s market, you need to strive to outgrow your competition and also maintain that growth, too.